Economics
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Exercise 1
Match the terms below with the given definitions.
structural change | technical
efficiency | supply-side economics
| corporatisation
| privatisation
| dynamic efficiency
| deregulation
| microeconomic reform
| allocative efficiency
| competition policy
| Definition | Term |
|---|---|
| Long-term changes in the pattern and nature of production in the economy. | |
| The ability of a firm or industry to adapt to changes in consumer demand and technology. | |
| A body of economic thought stressing the efficiency of production to increase economic growth. | |
| The removal of direct government control over markets to increase efficiency and competition. | |
| GBEs develop management structures and performance objectives similar to private enterprises. | |
| Involves government policy changes to increase the level of competition and efficiency in the economy. | |
| The sale of government enterprises to private firms and individuals. | |
| Firms produce goods and services that are purchased by consumers at the lowest possible prices. | |
| Actions by the Government to increase competition and efficiency in selected markets. | |
| The allocation of resources to industries that reflect consumers demand for those goods and services. |
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